SINGAPORE: LME aluminum will rebound to $2,043 per tonne, as a wave (3)-3 has completed.
A Fibonacci retracement analysis on the fall from $2,130 to $1,990 reveals a target at $2,043, the 38.2 percent level, which could be the ultimate high the current wave (3)-4 could reach.
Support is at $1,990, a break below which will confirm the resumption of a downtrend towards $1,945, the 261.8 percent Fibonacci projection level of a wave (3) target.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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